Shenzhen Refond Optoelectronics Co.,Ltd. (SZSE:300241) announced that it has signed a share subscription agreement of private placement of not more than 160,423,488 A shares for gross proceeds of not more than CNY 699,182,800 on May 15, 2020. The transaction will not include participation from more than 35 investors, including Gong Weibin who will subscribe between CNY 50,000,000 to CNY 200,000,000. If after the issuance Gong Weibin holds more than 30% stake, the shares cannot be transferred within 36 months from the closing date; if after the issuance Gong Weibin holds not than 30% stake, the shares cannot be transferred within 18 months from the closing date. The shares which will be subscribed by other investors cannot be transferred within 6 months from the closing date. The transaction has been approved by the shareholders of the company in its fifth meeting of the fourth directorate and the fifth meeting of the fourth supervisory board. The transaction is subject to approvals of the Shareholders Meeting and the China Securities Regulatory Commission.